91-yr old Spanish-style villa converted to innovation hub in Tokyo

Takenaka Corporation, Tokyu Corporation and TOHO-LEO Co., have jointly restored a 91-year old historic residence in Tokyo’s Chiyoda ward and converted it into a business innovation hub.

The current owner, a descendent of the original owner, keen to find a way to preserve the home, entered into a master lease agreement with the three companies. The members-only innovation hub, called ‘kudan house’, officially opens in September.

Nakagin Capsule Tower edging closer to demolition

One of the leading examples of Japan’s metabolist school of architecture – Nakagin Capsule Tower – is inching closer towards a potential fate of demolition after the land under the building recently changed hands.

On June 29, the land underneath the Nakagin Capsule Tower building was sold to CTB GK, a limited liability company established only earlier that month. The sale included the land, the 1st floor retail space, 2nd floor office space, 16 capsules and two buildings behind the Capsule Tower. The seller was Nakagin Group, the developer of the building. The new owner promptly informed the chairperson of the apartment owners association of their intent to redevelop the site. 

Japan land prices increase in 95% of locations, beating previous record

According to the quarterly LOOK Report published by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), land prices in Japan’s major cities in the second quarter of 2018 have increased in 95 of the 100 surveyed locations. This is the the highest share in the history of reporting, beating a previous record of 91 locations seen in the previous quarter.

A gradual trend of land price growth continues across major cities. In particular, commercial land around transport hubs in regional centers has seen land prices go from no movement to a slight increase. In Tokyo, residential land prices in Bancho, Tsukuda / Tsukishima and Kichijoji have also shifted to an increasing trend.

Apartment owner forced to pay 970,000 Yen fine for illegal short-term letting

The owner of an apartment in Tokyo who had been illegally letting it out for short-term ‘minpaku’ accommodation has been successfully sued by the building’s owners association. The Tokyo District Court ruled that the owner had violated the building’s bylaws and ordered the man to pay 970,000 Yen (approx. 8,700 USD) to cover the owners association’s legal fees.

Nitori acquires 118-yr old ryokan in Hokkaido

Furniture company Nitori Holdings is entering the boutique hotel industry with the acquisition of a historic hot spring hotel in Hokkaido’s port city of Otaru. The sale price has not been disclosed.

Ginrinsou has long been considered one of Hokkaido’s leading onsen inns. The three-story ryokan sits on a prominent hilltop location overlooking Otaru’s port district and Ishikari Bay. An additional five-story concrete building was added to the ryokan at a cost of 400 million Yen, bringing the total floor space up to 3000 sqm. Nightly room rates at the 14-room ryokan are around 37,000 Yen per person.

New apartment supply in July hits 26 year low

According to the Real Estate Economic Institute, 2,986 brand new apartments were released for sale across greater Tokyo in July, up 12.3% from the previous month but down 12.8% from last year. This is the first time that the supply for the month of July has fallen below 3,000 units since 1992.

The average sale price was 61,910,000 Yen, down 0.8% from the previous month and down 5.7% from last year. The average price per square meter was 917,000 Yen, down 1.2% from the previous month and down 3.7% from last year.

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